Property Type

CBRE Negotiates Sale of 141,000 SF Wells Fargo Gainey Center Office Asset in Scottsdale

by Amy Works June 16, 2020

SCOTTSDALE, ARIZ. — CBRE has arranged the sale of Wells Fargo Gainey Center, a Class A office building located at 8601 N. Scottsdale Road in Scottsdale. AREA Exchange Asset III, an affiliate of New York City-based Ascent Real Estate Advisors, acquired the property from Des Moines-based Principal Real Estate Investors for an undisclosed price. Built in 1999, the 141,000-square-foot Wells Fargo Gainey Center features a two-story lobby, flexible floor plates, 20 exterior balconies, a parking ratio of four spaces per every 1,000 square feet and an on-site gym. At the time of sale, the property was 96 percent leased to nine tenants, including Wells Fargo and Kutak Rock, a national law firm. Barry Gabel, Chris Marchildon and Will Mast of CBRE’s Phoenix office represented the seller in the deal. Bruce Francis, Tim Bokinsky, Dana Summers, Bob Ybarra, Shaun Moothart and Doug Birrell of CBRE Debt & Structured Finance facilitated the acquisition loan with a national life insurance company for the buyer.

June 16, 2020

California Loans Office Western

Hines Joint Venture Receives $182M Refinancing for Four-Building Office Campus Near Los Angeles

by Amy Works June 16, 2020

IRVINE, CALIF. — A joint venture between Hines and a global investment management firm has received $182 million in refinancing for Intersect, a mid-rise, four-building, Class A office campus in Irvine. Kevin MacKenzie, John Chun and Nick Lench of JLL Capital Markets placed the three-year, interest-only financing with MetLife Investment Management. The borrower plans to use the loan proceeds to fund future leasing at the property and retire the existing loan that the same JLL team arranged for the borrower in 2018. Situated on 15 acres, Intersect comprises four buildings, totaling 452,060 square feet, at 17875 and 17877 Von Karman Ave. and 17872 and 17838 Gillette Ave. Located in the heart of the Irvine Business Complex, the property features a restaurant, shipping container beer garden and coffee shop, game pavilion, fire pits, chicken coop, bird aviary and sports court. Additional features include indoor and outdoor workspaces; a fitness center with Peloton bikes, classes, locker rooms, spin studio and outdoor yoga lawn; private tenant terraces; a 40-seat, stadium-style conference center; and a 16-person board room. The Intersect also offers 573 surface parking stalls, a 1,595-space structured parking garage at 17892 Gillette Ave. and a 181-stall subterranean parking facility.

June 16, 2020

Acquisitions California Industrial Office Western

LPC West Sells Flex R&D Building in San Diego’s Sorrento Mesa for $17M

by Amy Works June 16, 2020

SAN DIEGO — LPC West, the West Coast operating division of Lincoln Property Co., has completed the sale of a two-story, flex R&D property located at 9877 Waples St. in San Diego’s Sorrento Mesa submarket. An affiliate of Alexandria Real Estate Equities acquired the building for $17 million in an off-market transaction. The 62,392-square-foot asset is mid-way through the seller’s biotech conversion process, which the buyer will complete. Andy Hugget, Bill Dolan and Sean Williams of CBRE represented LPC West, while Alexandria was self-represented in the transaction.

June 16, 2020

Development Industrial New Mexico Western

Blue Road Investments Breaks Ground on 315,000 SF Spec Industrial Building in New Mexico

by Amy Works June 16, 2020

SANTA TERESA, N.M. — Blue Road Investments has broken ground on Westpark Building I in Santa Teresa, approximately 23 miles northwest of El Paso, Texas. Situated at 655 Industrial Ave. within Westpark Logistics Center, the facility will feature 315,000 square feet of speculative industrial space with cross-dock loading, 36-foot clear heights and 185-foot concrete truck courts. This is the first spec building in Westpark Phase I, where Blue Road has capacity for an additional 1 million square feet of future development. Current tenants in Westpark Logistics Center include FedEx Ground, MCS Industries and Valley Cold Storage. Construction is slated for January 2021. Perez Giese and Anthony Mash of CBRE are marketing the property for lease.

June 16, 2020

California Industrial Leasing Activity Western

Toolots Leases 436,350 SF Distribution Facility in Inland Empire

by Amy Works June 16, 2020

MORENO VALLEY, CALIF. — Toolots, a California-based online marketplace and distribution channel for factory-direct industrial tools, machinery and technology, has inked a deal to occupy a warehouse and distribution facility located at 17783 Indian St. in Moreno Valley. KKR Alpha Industries owns and operates the 436,350-square-foot facility. Robert Feathers and Brian Bennett of Kidder Mathews represented Toolots in the lease transaction.

June 16, 2020

California Company News Retail Top Stories Western

24 Hour Fitness Files for Chapter 11 Protection, Opts to Permanently Close 132 Stores

by John Nelson June 16, 2020

SAN RAMON, CALIF. — Fitness center retail chain 24 Hour Fitness has filed for Chapter 11 bankruptcy protection stemming from revenue losses during the COVID-19 pandemic. The San Ramon-based company expects to secure $250 million in debtor-in-possession financing, which is subject to court approval. The fitness chain has also announced its intention to permanently close 132 of its 300-plus gyms. In California alone, 24 Hour Fitness will shutter 41 locations, and in Texas another 26 will permanently close as the company will focus on reopening its other gyms across the country. “If it were not for COVID-19 and its devastating effects, we would not be filing for Chapter 11,” says Tony Ueber, CEO of 24 Hour Fitness. “With that said, we intend to use the process to strengthen the future of 24 Hour Fitness for our team and club members, as well as our stakeholders.” Although Ueber says the COVID-19 pandemic is the main culprit in the company’s struggles, the retailer’s debt load is also a contributing factor. Brad Umansky, president of Progressive Real Estate Partners, says that the retailer’s ownership group, including private equity firm AEA Investors, hampered 24 Hour Fitness from operating to the best of its ability …

June 16, 2020

Development Georgia Industrial Southeast

Dermody Properties to Develop 176,463 SF Industrial Property in Metro Atlanta

by Alex Tostado June 15, 2020

ACWORTH, GA. — Dermody Properties will break ground in July on LogistiCenter at New McEver, a 176,463-square-foot industrial building in Acworth. Dermody recently acquired the 12.3-acre plot on New McEver Road, two miles southeast of downtown Acworth and 30 miles northwest of downtown Atlanta. The Cobb County property will offer build-to-suit office space and feature 34 dock-high doors, two drive-in doors, 32-foot clear heights, 168 car parking spaces, a 130- to 185-foot truck court, six-inch reinforced concrete floor, tilt-up concrete panel construction and an ESFR fire protection system. Austin Brannen and Matt Bentley of NAI Brannen Goddard represented Dermody Properties in the acquisition of land and will be the leasing brokers for the project. Terms of the land sale were not disclosed.

June 15, 2020

Affordable Housing Development Florida Multifamily Southeast

Housing Trust Group Breaks Ground on 96-Unit Affordable Housing Property in Tallahassee

by Alex Tostado June 15, 2020

TALLAHASSEE, FLA. — Housing Trust Group (HTG) has broken ground on Lafayette Gardens, a planned 96-unit affordable housing community in Tallahassee. The property will offer one-, two- and three-bedroom floor plans with rents ranging from $315 to $930 per month. The units will be reserved for residents earning at or below 33 percent of area median income (AMI) or 60 percent of AMI. Units will range in size from 709 square feet to 1,159 square feet. Communal amenities will include a clubhouse, pool, playground, media center, fitness center and a biking/walking trail. Residents will also have access to employment assistance, financial management and literacy services onsite. Hennessy Construction Services is the general contractor, Fugleberg Koch is the architect, Inovia Group is the civil engineer, Stiles Interiors is the interior designer and Wood + Partners is the landscape architect. HTG expects to open the community in June 2021. Chase Bank provided an initial $15 million construction loan, Raymond James provided $16.1 million in 9 percent low income housing tax credit (LIHTC) equity and Walker & Dunlop provided a $4.8 million Freddie Mac permanent loan for the development.

June 15, 2020

Leasing Activity Office Texas

Bright Realty Signs Three Tenants at Offices at The Realm in Lewisville Totaling 79,000 SF

by John Nelson June 15, 2020

LEWISVILLE, TEXAS — Bright Realty has added three new office tenants to join the tenant roster at Offices at The Realm, a 251,000-square-foot office building in Lewisville. The new leases total 79,000 square feet and bring the property to 80 percent occupancy. Global Medical Response, a medical transport company that sent more than 1,500 employees to New York and New Jersey to aid in the COVID-19 pandemic, is leasing two full floors at Offices at the Realm. The company’s offices will consolidate existing regional offices in the metroplex and also feature a 24/7 disaster relief call center. Worthey Wiles, Jake Young and Dalton Stogner of Lincoln Property Co. (LPC) represented Bright Realty in the 60,000-square-foot lease transaction. Kevin Mechelke, John Ruskin, Greg Biggs and Jeremy McGown of JLL represented Global Medical Response. The other two leases include tax software firm CSC Corptax leasing 15,000 square feet and Texas VA Mortgage leasing 4,000 square feet. LPC represented Bright Realty in both lease deals. Cushman & Wakefield represented CSC Corptax and Swearingen Realty Group represented Texas VA Mortgage. Other tenants at Offices at The Realm include the recently opened Venture X coworking space and El Patio, a Tex-Mex restaurant that will open …

June 15, 2020

Acquisitions Industrial Texas

Stream Realty Negotiates Sale of 114,150 SF Industrial Building in Plano

by John Nelson June 15, 2020

PLANO, TEXAS — Stream Realty Partners has arranged the sale of a 114,150-square-foot industrial building located at 2801 Summit Ave. in Plano. OPEX Corp., doing business as Generation Y LLC, purchased the property for an undisclosed price and is currently the property’s sole tenant. According to LoopNet Inc., the facility was built in 1990 and features office space and 24-foot clear heights. Jason Moser and Ridley Culp of Stream Realty represented the buyer in the transaction. Kacy Jones and John Hendricks of CBRE represented the seller, AdvoCare. The weight loss and sports supplement producer recently built another facility in Plano where it has set up operations.

June 15, 2020

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